Mumbai: Shares of HDFC Asset Management Company tanked 6% and Nippon Life India Asset Management tumbled 12.7% on Friday on fears of increased redemption pressure after Franklin Templeton Mutual Fund announced the winding up of six of its debt schemes.
HDFC Asset Management stock was trading at ₹2437.65 and Nippon Life India Asset Management at ₹229.70. The S&P BSE Sensex was down 516.18 points or 1.62% at 31,346.90.
The six yield-oriented schemes in which investments have been stopped from Thursday are Franklin India Low Duration Fund, Dynamic Accrual Fund, Credit Risk Fund, Short Term Income Plan, Ultra Short Bond Fund and Income Opportunities Fund. "There has been a dramatic and sustained fall in liquidity in certain segments of the